PT Bakrieland Development Tbk
Dan Anak Perusahaan
PT Bakrieland Development Tbk
And Subsidiaries
Laporan Keuangan Konsolidasian Untuk Tahun yang Berakhir pada Tanggal 31 Desember 2011 dan 2010
Consolidated Financial Statements
4G4G4A 4G4F ?4CBE4A >8H4A:4A >BAFB?<74F<4A G8E?4@C<E @8EHC4>4A 54:<4A L4A: G<74> G8EC<F4;>4A 74E< ?4CBE4A >8H4A:4A>BAFB?<74F<4AF864E4>8F8?HEH;4A
.;8 466B@C4AL<A: ABG8F 9BE@ 4A <AG8:E4? C4EG B9 G;8F8 6BAFB?<74G879<A4A6<4?FG4G8@8AGF
*<HG4A:HF4;4 .E478E868<I45?8F
*<;4>>8G<:4 F8G8?4;7<>HE4A:< .;<E7C4EG<8F A8GB9
6474A:4A>8EH:<4A 4??BJ4A689BE<@C4<E@8AG
C8AHEHA4AA<?4<F858F4E ?BFF8F B9
,C ,C 4FB9
C4748F8@58E 868@58E
,CC474 ,C4FB9
8F8@58E74A 868@58E
,CC474 4A7,C4FB9
$4AH4E< $4AH4EL
8F8@58E < 868@58E
*<;4>58E8?4F< ,8?4G87C4EG<8F A8GB9
F8G8?4;7<>HE4A:<6474A:4A 4??BJ4A689BE
>8EH:<4AC8AHEHA4A <@C4<E@8AG?BFF8FB9
A<?4<F858F4E ,C ,C
C474 8F8@58E 4FB9868@58E
,CC474 ,C4FB9
8F8@58E 868@58E
74A,C 4A7,C
C474$4AH4E< 4FB9$4AH4EL
8F8@58E 9<4 868@58E
*<HG4A:?4<A?4<A )G;8EE868<I45?8F
*<;4>>8G<:4 F8G8?4;7<>HE4A:< .;<E7C4EG<8F A8GB94??BJ4A68
6474A:4A>8EH:<4AC8AHEHA4A 9BE<@C4<E@8AG?BFF8FB9
A<?4<F858F4E,C ,C4FB9
C4748F8@58E 868@58E
,CC474 ,C4FB9
8F8@58E 868@58E
74A$4AH4E< 4A7 $4AH4EL
8F8@58E < 868@58E
*<;4>58E8?4F< F8G8?4;7<>HE4A:< ,8?4G87C4EG<8F A8GB9
6474A:4A>8EH:<4AC8AHEHA4A 4??BJ4A689BE<@C4<E@8AG
A<?4<F858F4E,C ?BFF8FB9 ,C
C4748F8@58E 4FB9 868@58E
,CC474 ,C4FB9
8F8@58E74A 868@58E
$4AH4E< 4A7$4AH4EL
8F8@58E 9<7 868@58E
*8EF87<44A = #AI8AGBE<8F
*4=4>7<54L4E7<@H>4 G4 *E8C4<7G4K8F
/4A:@H>474A5<4L47<54L4E7<@H>4 : 7I4A68F4A7CE8C4<78KC8AF8F
4A474?4@C8@54G4F4A 7< ,8FGE<6G879HA7F
*<HG4A:C<;4>58E8?4F< H89EB@E8?4G87C4EG<8F A8GB9
F8G8?4;7<>HE4A:< 6474A:4A 4??BJ4A689BE<@C4<E@8AG
>8EH:<4AC8AHEHA4AA<?4<F858F4E ?BFF8FB9 ,C
,CC474 4F B9 868@58E
8F8@58E ,C ,C 4FB9
C474 74A $4AH4E< 4A7 $4AH4EL
8F8@58E 9<5 868@58E
*8AL8EG44AF4;4@ < @ #AI8FG@8AG<AF;4E8FB9FGB6>
.4A4;L4A:58?H@7<>8@54A:>4A ? &4A754A>
*EBC8EG<<AI8FG4F< F8G8?4;7<>HE4A:< #AI8FG@8AGCEBC8EG<8F A8G
4>H@H?4F<C8ALHFHG4A B9466H@H?4G8778CE86<4G<BAB9
F858F4E,C ,C
C4748F8@58E 4FB9 868@58E
,CC474 ,C4FB9
8F8@58E74A 868@58E4A7
,CC474$4AH4E< ,C4FB9$4AH4EL
4G4G4A 4G4F &4CBE4A %8H4A:4A %BAFB?<74F<4A G8E?4@C<E @8EHC4>4A 54:<4A L4A: G<74> G8EC<F4;>4A 74E< ?4CBE4A >8H4A:4A>BAFB?<74F<4AF864E4>8F8?HEH;4A
.;8 466B@C4AL<A: ABG8F 9BE@ 4A <AG8:E4? C4EG B9 G;8F8 6BAFB?<74G879<A4A6<4?FG4G8@8AGF
,C C474 ,C 4FB9
8F8@58E 868@58E
,CC474 ,C4F B9
8F8@58E74A 868@58E4A7
,CC474 ,C4FB9
$4AH4E<8F8@58E BCD $4AH4EL868@58E
F8GC4=4>G4A::H;4A 58EF<; G9 898EE87G4K4FF8GF A8G
!BB7J<?? 64 !BB7J<??
F8G?4<A?4<A < )G;8E4FF8GF
4G4G4A 4G4F ?4CBE4A >8H4A:4A >BAFB?<74F<4A G8E?4@C<E @8EHC4>4A 54:<4A L4A: G<74> G8EC<F4;>4A 74E< ?4CBE4A >8H4A:4A >BAFB?<74F<4AF864E4>8F8?HEH;4A
.;8 466B@C4AL<A: ABG8F 9BE@ 4A <AG8:E4? C4EG B9 G;8F8 6BAFB?<74G879<A4A6<4?FG4G8@8AGF
!!)( &%
/G4A: 54A>=4A:>4C8A78> < -;BEGG8E@54A>?B4AF
/G4A:HF4;4 C<;4>>8G<:4 < .E478C4L45?8F G;<E7C4EG<8F
/G4A:?4<A?4<A C<;4>>8G<:4 < )G;8EC4L45?8F G;<E7C4EG<8F
<4L4@4F<;;4EHF7<54L4E <I 66EH878KC8AF8F
/4A:@H>4C8?4A::4A <F8 7I4A68F9EB@6HFGB@8EF
*8A74C4G4A7<G4A::H;>4A F9 898EE87<A6B@8
/G4A: C4=4> G5 .4K8FC4L45?8
&<45<?<G4F=4A:>4C4A=4A:L4A:=4GH; HEE8AG@4GHE<G<8F
G8@CB74?4@F4GHG4;HA B9?BA:G8E@785GF
/G4A:54A>74A?8@54:4 4A> 4A79<A4A6<4?
>8H4A:4A < <AFG<GHG<BA?B4AF
/G4A:HF4;4 < .E478C4L45?8F
/G4A:F8J4C8@5<4L44A <D )5?<:4G<BAHA78E64C<G4??84F8
/G4A:C<;4>58E8?4F< 9 <6 H8GBE8?4G87C4EG<8F
/G4A:B5?<:4F< <L BA7FC4L45?8
/G4A:7<I<78A 8 <I<78A7FC4L45?8
&<45<?<G4F78E<I4G<9 < 8E<I4G<I8?<45<?<G<8F
&<45<?<G4F=4A:>4C4A=4A: F8G8?4;
7<>HE4A:<54:<4A=4GH;G8@CB74?4@ &BA:G8E@785GF A8GB96HEE8AG
F4GHG4;HA @4GHE<G<8FB9?BA:G8E@785GF
/G4A:54A>74A?8@54:4 4A>4A79<A4A6<4?
>8H4A:4A < <AFG<GHG<BA?B4AF
/G4A:HF4;4 < .E478C4L45?8F
/G4A:F8J4C8@5<4L44A <D )5?<:4G<BAHA78E64C<G4??84F8
474A:4A4G4FC8A::4AG<4AC8E45BG4A ,8F8EI89BEE8C?468@8AGB99HEA<GHE8
74AC8E4?4G4A JK 4A78DH<C@8AG
&<45<?<G4FC4=4>G4A::H;4A 58EF<; G9 898EE87G4K?<45<?<G<8F A8G
!BB7J<?? A8:4G<9 65 (8:4G<I8:BB7J<??
$H@?4;&<45<?<G4F .BG4?&<45<?<G<8F
*)( #'&+
>H<G4FL4A:74C4G7<4GE<5HF<>4A>8C474 DH<GL4GGE<5HG45?8GB
8AG<G4F<A7H> C4E8AG8AG<GL
'B74?F4;4@ A<?4<AB@<A4?F4;4@F8E< 4C<G4?FGB6> C4EI4?H8F8E<8FB9
,CC8EF4;4@74AF4;4@F8E< ,CC8EF;4E84A7F8E<8F
,CC8EF4;4@ B9,CC8EF;4E8
'B74?74F4E G8E7<E<74E< HG;BE<M8764C<G4? F;4E8F
F4;4@F8E<74A 9BEF8E<8F4A7
F4;4@F8E< F;4E8F9BEF8E<8F
<G8@C4G>4A74A7<F8GBEC8AH; #FFH874A79H??LC4<7 F8E<8F
F4;4@F8E< B9F;4E8F4A7
74A F4;4@ F8E<8FB9
F8E<C4748F8@58E F;4E8F4FB9868@58E
F4;4@F8E< F8E<8F B9F;4E8F
74A F4;4@ 4A7 F8E<8F B9
F8E<C4748F8@58E74A F;4E8F4FB9868@58E
F4;4@F8E< F8E<8FB9F;4E8F
74AF4;4@ 4A7F8E<8FB9
F8E<C474$4AH4E< 4FB9$4AH4EL
8F8@58E 868@58E
.4@54;4A@B74?7<F8GBE 58EF<; E 77<G<BA4?C4<7<A64C<G4? A8G
-4;4@L4A:7<C8EB?8;>8@54?<F854AL4> .E84FHELFGB6>B9
F4;4@C474 F;4E8F4FB9
8F8@58E 868@58E
F4;4@ C4748F8@58E 74A F;4E8F4FB9868@58E
F4;4@C474 4A7 F;4E8F4FB9
$4AH4E<8F8@58E 77 $4AH4EL868@58E
-4?7B?454 ,8G4<A8784EA<A:F
<G8AGH>4AC8A::HA44AAL4 CCEBCE<4G87
8?H@7<G8AGH>4AC8A::HA44AAL4 /A4CCEBCE<4G87
%B@CBA8A8>H<G4F?4<AAL4 )G;8EF8DH<GL
>H<G4FL4A:74C4G 7<4GE<5HF<>4A >8C474
8AG<G4F<A7H> DH<GL4GGE<5HG45?8GBC4E8AG8AG<GL
%8C8AG<A:4AABAC8A:8A74?< 54 (BA6BAGEB??<A:<AG8E8FG
$H@?4;>H<G4F .BG4?DH<GL
4G4G4A 4G4F ?4CBE4A >8H4A:4A >BAFB?<74F<4A G8E?4@C<E @8EHC4>4A 54:<4A L4A: G<74> G8EC<F4;>4A 74E< ?4CBE4A >8H4A:4A >BAFB?<74F<4AF864E4>8F8?HEH;4A
.;8 466B@C4AL<A: ABG8F 9BE@ 4A <AG8:E4? C4EG B9 G;8F8 6BAFB?<74G879<A4A6<4?FG4G8@8AGF
#%$ $ %#(!# BF !%&!$( '%
! $)$' $!%%"$!&
854AC8A=H4?4A BFIM -8??<A:8KC8AF8F
854A H@H@74A47@<A<FGE4F< !8A8E4?4A747@<A<FGE4G<I88KC8AF8F
854A5HA:474A >8H4A:4A #AG8E8FG 8KC8AF8 4A79<A4A6<4?
58EF<; :<= 6;4E:8F A8G
&454EH:<F8?<F<;>HEF 58EF<; ; !4<A?BFF BA9BE8<:A8K6;4A:8 A8G
&454EH:<C8A=H4?4AC8A:;4CHF4A !4<A ?BFF BAF4?8F7<FCBF4?B9
4F8GG8G4C B 9<K874FF8G
4:<4A4G4F?45458EF<;AG<G4F DH<GL<AA8G84EA<A:FB9
FBF<4F< 58EF<; @ FFB6<4G87B@C4A<8F A8G
&4<A?4<A 58EF<; )G;8EF A8G
!(!*") ('# !!$"$!(%!
"#)#% !$&* &*" %%
"$!(%! !$&* &
) ('#"#)#% G68 *" %%
<A4? <A4?
.4;HA58E=4?4A HEE8AG
.4A::H;4A 898EE87
$H@?4;G4>F<E4A 5854A .BG4?CEBI<F<BA9BEG4K
C4=4> 58EF<; 8KC8AF8F A8G
!)*#'!# !'$$ &+$
%#%)# $"%'#(!# !&$!"$ %( !
-8?<F<;>HEF>4E8A4C8A=454E4A?4CBE4A K6;4A:87<998E8A68F7H8GB
>8H4A:4A 9<A4A6<4?FG4G8@8AGFGE4AF?4G<BA
,H:<L4A:58?H@G8E84?<F4F<4G4F<AI8FG4F< /AE84?<M87?BFFBA<AI8FG@8AG
898>L4A:G8EF87<4HAGH>7<=H4? HA78E4I4<?45?89BEF4?8
-HEC?HFE8I4?H4F< 4F8GG8G4C ,8I4?H4G<BAFHEC?HF B99<K874FF8GF
$H@?4;C8A74C4G4A>B@CE8;8AF<9?4<A .BG4?BG;8E6B@CE8;8AF<I8<A6B@8
G4;HA58E=4?4AF8G8?4;C4=4> 6HEE8AGL84E49G8ECEBI<F<BAG4K
*"!! $"%'#( &!&!"$ %( !
)*#'!# '$$ &+$
*"!!-#%) &!& !
)'*( # % &&$'&&!
*8@<?<>8AG<G4F<A7H> )JA8EFB9G;8C4E8AG 8AG<GL
%8C8AG<A:4AABAC8A:8A74?< 55 (BA6BAGEB??<A:<AG8E8FG
*"!!'* $"%'#( !!%%&$'&
-#%) )'*( # % &!
*8@<?<>8AG<G4F<A7H> )JA8EFB9G;8C4E8AG 8AG<GL
%8C8AG<A:4AABAC8A:8A74?< 65 (BA6BAGEB??<A:<AG8E8FG
! '* %'("('-# %$ %"$%$
%))'*( # % &&$'&&!!) $%
%"! #))(#* 55 !&"$ & &&+
! '* %'("!*(#-# '&($ %"$%$
%))'*( # % &&$'&&!!) $%
4G4G4A 4G4F ?4CBE4A >8H4A:4A >BAFB?<74F<4A G8E?4@C<E @8EHC4>4A 54:<4A L4A: G<74> G8EC<F4;>4A 74E< ?4CBE4A >8H4A:4A>BAFB?<74F<4AF864E4>8F8?HEH;4A
.;8 466B@C4AL<A: ABG8F 9BE@ 4A <AG8:E4? C4EG B9 G;8F8 6BAFB?<74G879<A4A6<4?FG4G8@8AGF
-4?7B4J4?$4AH4E< 4?4A68$4AH4EL
9986GB99<EFGG<@847BCG<BAB9
4@C4>C8A8E4C4A*-%(B *-%(B,8I<F87
,8I<F<74A*-% 4A7*-%(B
(B,8I<F< ,8I<F87 (BG8F<
4G4G4A< 74A 4A7
4?4A68$4AH4EL49G8E
-4?7B4J4?$4AH4E<F8G8?4; 9986GB99<EFGG<@847BCG<BA
74@C4>C8A8E4C4A*-% B9 *-%(B,8I<F87
(B,8I<F<74A 4A7*-%(B
*-%(B,8I<F< ,8I<F87
*8A6474A:4AF4?7B?454F854:4< CCEBCE<4G<BAB9E8G4<A87
6474A:4AH@H@ 84EA<A:F
&454 EH:< >B@CE8;8AF<9G4;HA B@CE8;8AF<I8<A6B@8 ?BFF 9BE
58E=4?4A G;8L84E
.4@54;4A@B74? 77<G<BA4?C4<7<A4C<G4?
7<F8GBE4G4G4A (BG8
*8@58E<4A>B@C8AF4F<58E54F<F
F4;4@>8C474>4EL4J4A -GB6>54F876B@C8AF4G<BA
4G4G4AM 74A (BG8FM 4A7
*8?4>F4A44AJ4E4A4G4G4A K8E6<F8J4E4AG(BG8
*8@54L4E4A7<I<78A4G4G4A8 <I<78A7C4L@8AGF(BG88
-4;4@L4A:7<C8EB?8;>8@54?< .E84FHELFGB6>(BG8F77
4G4G4A7774A 4A7
*8A<A:>4G4A>8C8AG<A:4A
ABAC8A:8A74?<4G4FGE4AF4>F< (BA6BAGEB??<A:<AG8E8FG4E<F<A:
?4<AAL44G4G4A BABG;8EGE4AF46G<BA(BG8
4G4G4A 4G4F ?4CBE4A >8H4A:4A >BAFB?<74F<4A G8E?4@C<E @8EHC4>4A 54:<4A L4A: G<74> G8EC<F4;>4A 74E< ?4CBE4A >8H4A:4A>BAFB?<74F<4AF864E4>8F8?HEH;4A
.;8 466B@C4AL<A: ABG8F 9BE@ 4A <AG8:E4? C4EG B9 G;8F8 6BAFB?<74G879<A4A6<4?FG4G8@8AGF
-4?7B4J4?$4AH4E< 4?4A68$4AH4EL
*8A:;8AG<4AC8A:4>H4A 8E86B:A<G<BAB9A8:4G<I8:BB7J<?? :BB7J<??A8:4G<9F8FH4< <A466BE74A68J<G;GE4AF<G<BA
78A:4A>8G8AGH4AGE4AF<F< CEBI<F<BAB9*-%(B
*-%(B,8I<F< ,8I<F87
?<;4G4G4G4A674A F88(BG8F64A7
-4?7B4J4?$4AH4E<F8G8?4; 4?4A68$4AH4EL
74@C4>*8A8E4C4A*-% 89986GB99<EFGG<@847BCG<BAB9
(B,8I<F< *-%(B,8I<F87
&454EH:<>B@CE8;8AF<9G4;HA B@CE8;8AF<I8<A6B@8?BFF
58E=4?4A 9BEG;8L84E
*8?4>F4A44A J4E4A4G4G4A K8E6<F8J4EE4A(BG8
*8A4@54;4A<AI8FG4F<C474 77<G<BA<AI8FG@8AG<A
8AG<G4FA4>B?8;>8C8AG<A:4A -H5F<7<4E<8F5L(BA6BAGEB??<A:
ABAC8A:8A74?< -;4E8;B?78EF
4G4G4A 4G4F ?4CBE4A >8H4A:4A >BAFB?<74F<4A G8E?4@C<E @8EHC4>4A 54:<4A L4A: G<74> G8EC<F4;>4A 74E< ?4CBE4A >8H4A:4A>BAFB?<74F<4AF864E4>8F8?HEH;4A
.;8 466B@C4AL<A: ABG8F 9BE@ 4A <AG8:E4? C4EG B9 G;8F8 6BAFB?<74G879<A4A6<4?FG4G8@8AGF
*8@54L4E4A>4FHAGH>5854AHF4;4 4F;C4<79BEBC8E4G<A:8KC8AF8F
*8@58?<4AG4A4; 6DH<F<G<BAB9?4A7
%4FL4A:7<:HA4>4AHAGH>BC8E4F< 4F;HF87<ABC8E4G<BAF
*8A8E<@44A5HA:4 #AG8E8FGE868<I87
*8@54L4E4A5854A>8H4A:4A #AG8E8FG4A79<A4A6<4?8KC8AF8FC4L@8AG
*8@54L4E4AC4=4> .4KC4L@8AG
%4F 8EF<; 34A: <:HA4>4A /AGH>
>G<I<G4F )C8E4F< (8G 4F; /F87 BE )C8E4G<A: 6G<I<G<8F
'*( (' )+)( %!)%$! (%&
#+()( &(&%
*8@58?<4A4F8GG8G4C 6DH<F<G<BAB99<K874FF8GF
*8AHEHA4AC8A<A:>4G4AC8AL8EG44AF4;4@ 86E84F8<A6E84F8 <A<AI8FG@8AG<AF;4E8F
74AH4A:@H>4C8@58?<4AF4;4@ B9FGB6>4A747I4A689BEF;4E8CHE6;4F8
*8A<A:>4G4A CEBC8EG<<AI8FG4F< #A6E84F8 <A<AI8FG@8AGCEBC8EG<8F
*8AHEHA4AC8A<A:>4G4A<AI8FG4F<=4A:>4
C8A78> 86E84F8<A6E84F8 <AF;BEGG8E@<AI8FG@8AGF
*8AHEHA4AC8A<A:>4G4A
74A474?4@C8@54G4F4A 86E84F8<A6E84F8 <AE8FGE<6G879HA7F
*8A8E<@44AC8A=H4?4A4F8GG8G4C *EB6887F9EB@F4?8B99<K874FF8GF
%4F 8EF<; 34A: <C8EB?8; 4E< (8G 4F; ,868<I87 EB@
<:HA4>4A /AGH> >G<I<G4F #AI8FG4F< /F87 BE #AI8FG<A: 6G<I<G<8F
'*( (' )+)( %!)% $!
%### &(&%
*8A<A:>4G4AC<A=4@4A=4A:>4C4A=4A: #A6E84F8<A?BA:G8E@785G
*8A<A:>4G4AG4@54;4A@B74?7<F8GBE #A6E84F87<A477<G<BA4?C4<7<A64C<G4?
*8A8E5<G4AF4;4@ #FFH4A68B9F;4E8
,84?<F4F<J4E4A K8E6<F8J4EE4AG
*8A8E<@44AC8@54L4E4A B5?<:4F< ,868<CGC4L@8AG 5BA7
*8A<A:>4G4AC8AHEHA4A C<A=4@4A #A6E84F8786E84F8 <AF;BEGG8E@
54A>=4A:>4C8A78> 54A>?B4AF
*8<A:>4G4A HG4A: C<;4>58E8?4F< 86E84F8<A7H8GB E8?4G87C4EG<8F
*8A<A:>4G4A@B74?7<F8GBE #A6E84F8<A<FFH874A79H??LC4<764C<G4?FGB6>
*8A8E5<G4AF4;4@ #FFH4A68B9F;4E8
,84?<F4F<J4E4A K8E6<F8J4EE4AG
*8@54L4E4A78I<78A <I<78A7C4L@8AG
*8AHEHA4A HG4A: F8J4C8@5<4L44A 86E84F8<AB5?<:4G<BAHA78E64C<G4??84F8
*8A<A:>4G4AC<HG4A: C<;4>58E8?4F< #A6E84F8<A7H89EB@E8?4G87C4EG<8F
<4L4C8A8E5<G4AF4;4@ -;4E8<FFH4A686BFGF
*8AHEHA4A HG4A: HF4;4=4A:>4C4A=4A: 86E84F8<A?BA:G8E@GE478C4L45?8F
*8A<A:>4G4AF4;4@7<C8EB?8;>8@54?< #A6E84F8<AGE84FHELFGB6>F
%4F 8EF<; 34A: <C8EB?8; 4E<
>G<I<G4F *8A74A44A (8G 4F; *EBI<787 EB@ <A4A6<A: 6G<I<G<8F
. %2;16?6.; ;A6A.@ ;1B8 1.; ;3<?:.@6 *:B: , >?,-74>3809?,9/ 090=,7 91:=8,?4:9
*. 4>E<8?4A7 8I8?BC@8AG .5> NAG<G4F #A7H>O 7<7<E<>4A C474 G4A::4? $HA< 78A:4A >G4 (BG4E<F $B;A &8BA4E7 14JBEHAGH -" (B >G4 C8A7<E<4A AG<G4F #A7H> 7<F4;>4A B?8; '8AG8E< %8;4><@4A ,8CH5?<> #A7BA8F<4 74?4@ -HE4G %8CHGHF4A (B ".." G4A::4? '8< 74A 7<H@H@>4A 74?4@ 8E<G4 (8:4E4 ,8CH5?<> #A7BA8F<4 (B G4A::4? (BI8@58E A::4E4A 74F4E AG<G4F #A7H> G8?4; @8A:4?4@< 5858E4C4 >4?< C8EH54;4A 4AG4E4 ?4<A @8A:8A4< C8EH54;4A A4@4 74E< *. ?4A: ,84?GL .5> @8A=47< *. 4>E<8?4A7 8I8?BC@8AG .5> L4A: 7<4>G4>4A 78A:4A >G4 (BG4E<F "4EHA %4@<? -" (B G4A::4? CE<? L4A: G8?4; 7<F8GH=H< B?8; '8AG8E< %8;4><@4A ,8CH5?<> #A7BA8F<4 74?4@ -HE4G %8CHGHF4A (B "..; G4A::4? CE<? 74A C8EH54;4A A::4E4A 4F4E F8?4A=HGAL4G8E@H4GC474 >G4(BG4E<F-HG=<CGB-" '%A (B G4A::4? $HA< @8A:8A4< C8AL8FH4<4A A::4E4A 4F4E AG<G4F #A7H> HAGH> 7<F8FH4<>4A 78A:4A/A74A:/A74A:(B.4;HA G8AG4A: *8EF8EB4A .8E54G4F *8EH54;4A <A< G8?4;@8A74C4GC8EF8GH=H4A74E<'8AG8E<"H>H@74A "4> F4F< '4AHF<4 74?4@ -HE4G %8CHGHF4A (B "/" .4;HA G4A::4? -8CG8@58E 74A G8?4; 7<H@H@>4A 74?4@ 8E<G4 (8:4E4 ,8CH5?<> #A7BA8F<4 (B G4A::4? ([email protected]@54;4A(B
*.4>E<[email protected]>O.;8B@C4ALP J4F 8FG45?<F;87 J<G; (BG4E<4? 887 (B B9 $B;A &8BA4E7 14JBEHAGH -" 74G87 $HA8 .;8 B@C4ALNF 4EG<6?8F B9 <A6BECBE4G<BA J4F 4CCEBI87 5L G;8 '<A<FG8E B9 $HFG<68B9G;8,8CH5?<6B9#A7BA8F<4<A<GF86<F<BA &8GG8E (B ".." 74G87 '4L 4A7 J4F CH5?<F;87 <A G;8 -G4G8 !4M8GG8 (B 74G87 (BI8@58E .;8 B@C4ALNF 4EG<6?8F B9 4FFB6<4G<BA ;4I8 588A 4@8A787 F8I8E4? G<@8F 4@BA: BG;8EF G;8 6;4A:8F B9 G;8 B@C4ALNF A4@8 9EB@ *. ?4A: ,84?GL .5> GB *. 4>E<8?4A7 8I8?BC@8AG .5> J;<6; ;4I8 588A ABG4E<M87 5L (BG4E<4? 887 (B B9 "4EHA %4@<? -" 74G87 CE<? .;8 6;4A:8 J4F 4CCEBI87 5L G;8 '<A<FG8E B9 $HFG<68B9G;8,8CH5?<6B9#A7BA8F<4<A<GF86<F<BA &8GG8E (B "..; 74G87 CE<? 4A7 G;8 ?4FG EG<6?8 B9 FFB6<4G<BA J8E8 4@8A787 5L (BG4E<4? 887 (B B9 -HG=<CGB-"'%A74G87$HA8 <ABE78E GB6BA9BE@J<G;BECBE4G8&4J(B 384E .;<F 4@8A7@8AG J4F 4CCEBI875LG;8 '<A<FGEL B9 $HFG<68 4A7 "H@4A ,<:;GF <A <GF 86<F<BA &8GG8E (B"/" 384E 74G87 -8CG8@58E 4A7 J4F CH5?<F;87 <A -HCC?8@8AG (B B9 -G4G8 !4M8GG8 (B 74G87(BI8@58E
-8FH4<78A:4AC4F4?A::4E4A4F4EAL4AG<G4F #A7H> 58E:8E4> 74?4@ 5<74A: C8@54A:HA4A C8E74:4A:4A 74A =4F4 G8E@4FH> HF4;4 =4F4 @4A4=8@8A 74A C8AL8EG44A C474 AG<G4F L4A: 58E;H5HA:4A78A:4AHF4;4E84?8FG4G74ACEBC8EG< F8EG474?4@5<74A:<A9E4FGEH>GHE
66BE7<A:GBEG<6?8B9G;8EG<6?8B9FFB6<4G<BA G;8F6BC8B9G;8B@C4ALNF46G<I<G<8F6B@CE<F8FB9 78I8?BC@8AG GE47<A: 4A7 F8EI<68F <A6?H7<A: @4A4:8@8AGF8EI<684A7<AI8FG@8AG<AE84?8FG4G8 4A7CEBC8EGL4A7<A9E4FGEH6GHE8
AG<G4F #A7H> 58E7B@<F<?< 7< $4>4EG4 >4AGBE CHF4G AG<G4F #A7H> 58E?B>4F< 7< !87HA: 1<F@4 4>E<8 &4AG4< 74A $4?4A ", ,4FHA4 -4<7 %4I $4>4EG4-8?4G4A-44G<A<!EHC@8@<?<><CEBC8EG<L4A: G8E?8G4> 7< $4>4EG4 B:BE '4?4A: -H>45H@< 8>4F< &4@CHA: 4G4@ 4?<>C4C4A .4A:8E4A: 74A4?<
.;8B@C4AL<F7B@<6<?87<A$4>4EG44A7<GF;847 B99<68 <F ?B64G87 4G 1<F@4 4>E<8 G; 4A7 G; ?BBE $4?4A ", ,4FHA4 -4<7 %4I -BHG; $4>4EG4 !EBHC ;4I8 CEBC8EGL 4G $4>4EG4 B:BE '4?4A: -H>45H@< 8>4F< &4@CHA: 4G4@ 4?<>C4C4A.4A:8E4A:4A74?<
AG<G4F #A7H> @H?4< 58EBC8E4F< F864E4 >B@8EF<4?
/ %2;.D.?.; *:B: 328 1.; $/964.@6 ;A6A.@
;1B8 - "@-74. !110=492:1 %3,=0>,9/ :9/>:1 &30:8;,9D
*474 G4A::4? )>GB58E AG<G4F#A7H> G8?4; @8@C8EB?8; C8EAL4G44A 898>G<9 74E< %8GH4 474A *8A:4J4F *4F4E 'B74? **' (B -*' HAGH> @8?4>H>4A *8A4J4E4A /@H@ *8E74A4 >8C474 @4FL4E4>4G 4G4F =HG4 F4;4@ 78A:4A A<?4< AB@<A4? ,C C8E F4;4@ @8?4?H< HEF4 98> $4>4EG4 78A:4A ;4E:4 C8A4J4E4A ,C C8E F4;4@ AG<G4F #A7H> G8?4; @8A64G4G>4A F8?HEH; F4;4@AL4 7< HEF4 98> $4>4EG4C474G4A::4?)>GB58E
)A)6GB58EG;8B@C4AL;4FB5G4<A87 4A89986G<I8FG4G8@8AG?8GG8E9EB@G;8;4<E@4AB9 G;8 4C<G4? '4E>8G -HC8EI<FBEL :8A6L **' (B-*'GBHA78EG4>84A #AG<4?*H5?<6)998E<A:B9<GF@<??<BAF;4E8FJ<G; C4E I4?H8 B9 ,C C8E F;4E8 G;EBH:; $4>4EG4 -GB6>K6;4A:84GG;8B998E<A:CE<68B9,CC8E F;4E8 .;8 B@C4AL ;4F ?<FG87 4?? <GF F;4E8F <FFH87 4A7 9H??L C4<7 <A G;8 $4>4EG4 -GB6> K6;4A:8BA)6GB58E
*474 G4A::4? -8CG8@58E AG<G4F #A7H> @8?4>H>4A *8A4J4E4A /@H@ .8E54G4F # 78A:4A "4>'8@8F4A98>.8E?85<;4;H?H"'.4G4F =HG4 F4;4@ 78A:4A A<?4< AB@<A4? 74A ;4E:4 C8A4J4E4A,CC8EF4;4@-8?HEH;F4;4@G8?4; 7<64G4G>4A 7< HEF4 98> $4>4EG4 C474 G4A::4? )>GB58E
)A-8CG8@58E G;8B@C4AL 6BA7H6G87 4 &<@<G87 *H5?<6 )998E<A: # G;EBH:; CE88@CG<I8 E<:;GFGB<FFH8@<??<BAF;4E8FJ<G;C4EI4?H8 4A7B998E<A:CE<68B9,CC8EF;4E8.;8J;B?8 F;4E8F ;4I8 588A ?<FG87 <A G;8 $4>4EG4 -GB6> K6;4A:8BA)6GB58E
*474 G4A::4? (BI8@58E AG<G4F #A7H> @8?4>H>4A *8A4J4E4A /@H@ .8E54G4F ## 78A:4A "'.4G4F@<?<4EF4;4@5<4F4F8E<78A:4A A<?4< AB@<A4? ,C C8E F4;4@ 74A ;4E:4 C8A4J4E4A,CC8EF4;4@L4A:F8?HEH;F4;4@ L4A:7<G8@C4G>4A74A7<F8GBEC8AH;G8?4;7<64G4G>4A 7< HEF4 98> $4>4EG4 C474 G4A::4? 8F8@58E
)A(BI8@58EG;8B@C4AL6BA7H6G874 &<@<G87 *H5?<6 )998E<A: ## G;EBH:; CE88@CG<I8 E<:;GFGB<FFH85<??<BAF8E<8F F;4E8FJ<G;C4E I4?H8 B9 ,C C8E F;4E8 4A7 B998E<A: CE<68 B9 ,C C8E F;4E8 J;<6; 4?? B9 <GF F;4E8F <FFH87 4A79H??LC4<7;4I8588A?<FG87<AG;8$4>4EG4-GB6> K6;4A:8BA868@58E
*474 G4A::4? CE<? AG<G4F #A7H> @8@C8EB?8; -HE4G *8@58E<G4;H4A 98>G<9 4G4F *8EAL4G44A *8A749G4E4A @<F< -4;4@ 74E< >8GH4 4C8C4@&% HAGH> @8?4>H>4A *8A4J4E4A /@H@ .8E54G4F ### 78A:4A "'. 4G4F @<?<4E F4;4@ 5<4F4F8E<78A:4AAB@<A4?,CC8EF4;4@74A ;4E:4C8A4J4E4A,CC8EF4;4@L4A: F8?HEH; F4;4@ 7<G8@C4G>4A 74A 7<F8GBE C8AH; G8?4; 7<64G4G>4A 7< HEF4 98> $4>4EG4 C474 G4A::4? '8< 8A:4A7<G8E5<G>4AAL4F4;4@G8EF85HG @4>4 =H@?4; F4;4@ AG<G4F #A7H> L4A: G8?4; 7<64G4G>4A 7< 5HEF4 @8A=47< F854AL4> F4;4@
)ACE<?G;8B@C4ALE868<I879986G<I8 &8GG8E 9BE F;4E8 <FFH4A68 9EB@ 4C8C4@&% GB 6BA7H6G 4 &<@<G87 *H5?<6 )998E<A: ### G;EBH:; CE8 8@CG<I8 E<:;GF GB <FFH8 5<??<BA F8E<8F F;4E8F J<G;C4EI4?H8,CC8EF;4E84A7B998E<A:CE<68 B9,CC8EF;4E8J;<6;4??B9<GFF;4E8F<FFH87 4A79H??LC4<7;4I8588A?<FG87<AG;8$4>4EG4-GB6> K6;4A:8 BA '4L .;8E89BE8 G;8 GBG4? B9 G;8B@C4ALNF F;4E8F?<FG87BA-GB6>K6;4A:8<F F;4E8F
8E>8A44A 78A:4A *8A4J4E4A /@H@ .8E54G4F ### AG<G4F#A7H> =H:4@8A8E5<G>4AJ4E4A7<@4A4HAGH> F8G<4C F4;4@ 54EH ;4F<? C8?4>F4A44A "'. G8EF85HG @8?8>4G 14E4A -8E< # L4A: 7<58E<>4A 6H@46H@4F854:4<<AF8AG<954:<C8@8:4A:F4;4@ AG<G4F #A7H> 74A4G4H C8@8:4A: "'. L4A: @8?4>F4A4>4A;4>AL4?<;4G4G4G4A
/ %2;.D.?.; *:B: 328 1.; $/964.@6 ;A6A.@
;1B8 9.;7BA.; - "@-74. !110=492:1 %3,=0>,9/ :9/>:1 &30:8;,9D.:9?49@0/
*474 G4A::4? (BI8@58E HEF4 98> $4>4EG4 74A HEF4 98> -HE454L4 G8?4; 58E:45HA: @8A=47<HEF498>#A7BA8F<4
)A (BI8@58E $4>4EG4 -GB6> K6;4A:8 4A7 -HE454L4 -GB6> K6;4A:8 ;4I8 @8E:87 GB 586B@8#A7BA8F<4-GB6>K6;4A:8
*474G4A::4? 85EH4E< AG<G4F#A7H> G8?4; @8A74C4G>4A C8@58E<G4;H4A 898>G<9 C8EAL4G44A C8A749G4E4A 74?4@ E4A:>4 *8A4J4E4A /@H@ )5?<:4F< # 4>E<8?4A7 8I8?BC@8AG .4;HA 78A:4A.<A:>4GHA:4.8G4C74E<474A*8A:4J4F *4F4E 'B74? 74A &8@54:4 %8H4A:4A 58E74F4E>4A -HE4G(B-&
)A 85EH4EL G;8 B@C4AL E868<I87 89986G<I8 6BA9<E@4G<BA FG4G8@8AG <A E8:4E7F J<G; *H5?<6 )998E<A: B9 <K87 ,4G8 BA7F # 4>E<8?4A7 8I8?BC@8AG 384E 9EB@ 4C<G4? '4E>8G 4A7 <A4A6<4? #AFG<GHG<BA -HC8EI<FBEL :8A6LNF 54F87 BA<GF&8GG8E(B-&
*474 G4A::4? '4E8G AG<G4F #A7H> @8A8E5<G>4A )5?<:4F< # 4>E<8?4A7 8I8?BC@8AG .4;HA 78A:4A .<A:>4G HA:4 .8G4C 78A:4A *. 4A> *8E@4G4 .5> F854:4< J4?< 4@4A4G (<?4< AB@<A4? B5?<:4F< >8F8?HEH;4A 474?4; ,C @<?<4E ?<;4G4G4G4A 5HG<E 5
)A '4E6; G;8 B@C4AL <FFH87 <GF 4>E<8?4A7 8I8?BC@8AG BA7F # 384E J<G; <K87 ,4G8F J<G; *. 4A> *8E@4G4 .5> 4F G;8 GEHFG88 .;8 5BA7F ;4I8 4 GBG4? 9468 I4?H8 B9 ,C 5<??<BAF88(BG8 CB<AG 5
*474 G4A::4? $HA< AG<G4F #A7H> G8?4; @8A74C4G>4A C8@58E<G4;H4A 898>G<9 C8EAL4G44A C8A749G4E4A74?4@E4A:>4*8A4J4E4A/@H@-H>H> #=4E4;#4>E<[email protected];HA78A:4A 6<6<?4A <@54?4A <=4E4; F858F4E ,C =HG4 74E< 474A *8A:4J4F *4F4E 'B74? 74A &8@54:4 %8H4A:4A58E74F4E>4A-HE4G(B-&
)A$HA8G;8B@C4ALE868<I8789986G<I8 6BA9<E@4G<BA FG4G8@8AG <A E8:4E7F J<G; *H5?<6 )998E<A:B9-H>H>#=4E4;#4>E<8?4A78I8?BC@8AG 384EJ<G;4AAH4?9<K87#=4E4;E8GHEAO<6<?4A #@54?4A #=4E4;P GBG4??<A: B9 ,C @<??<BA 9EB@ 4C<G4?'4E>8G4A7 <A4A6<4?#AFG<GHG<BA-HC8EI<FBEL :8A6LNF54F87BA<GF&8GG8E(B-& *474G4A::4?$H?< AG<G4F#A7H> @8A8E5<G>4A
-H>H>#=4E4;#4>E<[email protected];HA 78A:4A *. 4A> '8:4 .5> F854:4< J4?< 4@4A4G (<?4< AB@<A4? -H>H> #=4E4; >8F8?HEH;4A F858F4E ,C @<?<4E?<;4G4G4G4A 5HG<E 6
)A $H?L G;8 B@C4AL <FFH87 <GF -H>H> #=4E4; # 4>E<8?4A7 8I8?BC@8AG 384E J<G; *.4A>'8:4.5> 4FG;8GEHFG88.;85BA7F;4I8 4 GBG4? 9468 I4?H8 B9 ,C 5<??<BA F88 (BG8 CB<AG 6
*474 G4A::4? $HA< AG<G4F #A7H> @8@C8EB?8; -HE4G *8@58E<G4;H4A 98>G<9 4G4F *8EAL4G44A *8A749G4E4A @<F< -4;4@ 74E< >8GH4 4C8C4@&% HAGH> @8?4>H>4A *8A4J4E4A /@H@ .8E54G4F#078A:4A"'.4G4F@<?<4EF4;4@ 5<4F4F8E<78A:4AAB@<A4?,CC8EF4;4@74A ;4E:4 C8A4J4E4A ,C C8E F4;4@ 8A:4A 7<G8E5<G>4AAL4F4;4@G8EF85HG@4>4=H@?4;F4;4@ AG<G4F#A7H> L4A:G8?4;7<64G4G>4A7<5HEF4@8A=47< F854AL4>@<?<4EF4;4@
)A$HA8G;8B@C4ALE868<I879986G<I8 &8GG8E 9BE F;4E8 <FFH4A68 9EB@ 4C8C4@&% GB 6BA7H6G 4 &<@<G87 *H5?<6 )998E<A: #0 G;EBH:; CE8 8@CG<I8 E<:;GF GB <FFH8 5<??<BA F8E<8F F;4E8F J<G; C4E I4?H8 B9 ,C C8E F;4E8 4A7 B998E<A: CE<68 B9 ,C C8E F;4E8 .;8E89BE8 G;8 GBG4? B9 F;4E8F ?<FG87 BA -GB6> K6;4A:8 <F 5<??<BA F;4E8F
8E>8A44A 78A:4A *8A4J4E4A /@H@ .8E54G4F #0 G8EF85HG AG<G4F #A7H> =H:4 @8A8E5<G>4A J4E4A 7<@4A4 HAGH> F8G<4C F4;4@ 54EH ;4F<? C8?4>F4A44A"'.G8EF85HG@8?8>4G14E4A-8E< ## L4A: 7<58E<>4A 6H@46H@4 F854:4< <AF8AG<9 54:< C8@8:4A:F4;4@ AG<G4F#A7H> 74A4G4HC8@8:4A: "'. L4A: @8?4>F4A4>4A ;4>AL4 ?<;4G 4G4G4A
0 (A?B8AB?;A6A.@;.8 . &30%?=@.?@=0:1%@->4/4,=40>
*474 G4A::4? 8F8@58E 74A $4AH4E< 8F8@58E AG<G4F #A7H> @8@<?<>< AG<G4FA4> F854:4<58E<>HG
F B9 868@58E 4A7 $4AH4EL 868@58E G;8 B@C4AL ;4F -H5F<7<4E<8F4F9B??BJF
2@2:/2? 0.08-0=
*8EF8AG4F8 $H@?4;F8G
%8C8@<?<>4A F858?H@8?<@<A4F< AG<G4FA4> &B>4F<*EBL8> *8E68AG4:8B9 .4;HA*8A7<E<4A .BG4?FF8GF
-H5F<7<4E<8F B@<6<?8 )JA8EF;<C FG45?<F;@8AG 589BE88?<@<A4G<BA
%8C8@<?<>4AF4;4@F864E4 &4A:FHA:<E86G)JA8EF;<C
*.<GE4F4H74E4547<N-O4 .4A:8E4A:
4AG8A ,C
*.0<??48?-B?N0-O4 5 <C4A4F
$4J44E4G ,C
*.%E4>4G4H&4@CHA:.BHE<F@
8I8?BC@8AGN%&.O 4 &4@CHA: ,C
*.!E4;4A7E4F8AGE4 B:BE
*EBC8EG<A7BN!*O $4J44E4G ,C
*.4>E<8-J4F4>G</G4@4 N-/O $4>4EG4 ,C
*.-HC8EJ<F;*8E>4F4N-*O5 $4>4EG4 ,C
*.4>E<8(<EJ4A4-8@8FG4N(-O $4>4EG4 ,C
*.H@<4L4'4>@HEN'O $4>4EG4 ,C
*.4>E<8#A9E4FGEH6GHE8N#O $4>4EG4 ,C
*.4>E<8*4A:E<CG4&B>4N*&%O $4>4EG4 ,C *.4>E<8!E4;4#AI8FG4@4N!#O4 $4>4EG4 ,C *.4>E<8-8AGE4#AI8FG4@4N-#O4 5 $4>4EG4 ,C &#AI8FG@8AG*G8&G7O&#O4 -<A:4CHE4 ,C %8C8@<?<>4AF4;4@F864E4G<74>
&4A:FHA:#A7<E86GBJA8EF;<C '8?4?H<!*.;EBH:;!*
*.-4A::E4;4*8?<G4-8AGBF4 8>4F< N-*-O -H>45H@<
$4J44E4G ,C
*.!E4;4#AG4A4?<N!#O4 6 4?< ,C
*.-4@H7E4F<4(4F<BA4?
N-(O4 4?< ,C
*.HG4C8E>4F4/A::H??8FG4E<
N*/&O '4?4A:$4J4.<@HE ,C
*.'HG<4E4*8E@4G4<EHN'*O4 4G4@ ,C
*.4;4A4-H>@4F8=4;G8E4
N--O5 B:BE$4J44E4G ,C
*.H><G$BA::B?FE< N$O4 $BA::B?B:BE ,C '8?4?H<-/.;EBH:;-/
*.4>E<8*8FBA4,4FHA4N*,O $4>4EG4 ,C
*.,4FHA4,8F<78A688I8?BC@8AG
N,,O $4>4EG4 ,C
'8?4?H<(-.;EBH:;(-
*.&<5E4G<A7B!8@<?4A:N&!O4 5 4?<>C4C4A
%4?<@4AG4A.<@HE ,C
*.8E>4;*H;H&8FG4E<N*&O4 5 /5H74?< ,C *.4>E<8!E4;4(<EJ4A4N!(O4 5 $4>4EG4 ,C *.(<EJ4A4&8:<4A"BG8?N(&"O %HG44?< ,C *.4?<(<EJ4A4,8FBEGN(,O .4A4;&BG4?< ,C
*.4>E<84A:HA*8EF474N*O4 $4>4EG4 ,C
'8?4?H<#.;EBH:;#
*.4>E<8.B??,B47N.,O $4>4EG4 ,C
*.@8EG4H@<4C<G4?NO4 5 -HE454L4 ,C
0 (A?B8AB?;A6A.@;.89.;7BA.; . &30%?=@.?@=0:1 %@->4/4,=40>.:9?49@0/
2@2:/2? 0.08-0=
*8EF8AG4F8 $H@?4;F8G
%8C8@<?<>4A F858?H@8?<@<A4F< AG<G4FA4> &B>4F<*EBL8> *8E68AG4:8B9 .4;HA*8A7<E<4A .BG4?FF8GF
-H5F<7<4E<8F B@<6<?8 )JA8EF;<C FG45?<F;@8AG 589BE88?<@<A4G<BA
%8C8@<?<>4AF4;4@F864E4G<74> &4A:FHA:#A7<E86GBJA8EF;<C '8?4?H<.,.;EBH:;.,
*.-4GE<4<G4*8E>4F4N-*O $4>4EG4 ,C .E4AF:?B54? <A4A68&<@<G87
N.! O4 E<G<F;0<E:<A#F?4A7 ,C
*4A!4?46G<6#AI8F@8AGN*!#O4 E<G<F;0<E:<A#F?4A7 ,C '8?4?H<-*.;EBH:;-*
*.-8@8FG4'4E:4,4L4N-',O $4J44E4G ,C
'8?4?H<.! .;EBH:;.!
*.-8@8FG4'4E:4,4L4N-',O $4J44E4G ,C
'8?4?H<*!#.;EBH:;*!#
*.-8@8FG4'4E:4,4L4N-',O $4J44E4G ,C
'8?4?H<*&%.;EBH:;*&%
*.*EBI<68F#A7BA8F<4N*0#O $4>4EG4 ,C
*. ,4FHA44GHEG4@4
BECBE4N,O4 6 $4>4EG4 ,C
'8?4?H<&#.;EBH:;&#
&F<4*G8&G7N&O4 -<A:4CHE4 ,C '8?4?H<!#.;EBH:;!#
*."BG8??GL.8A::4EBA: 9BE@8E?L*.4>E<8E@B
(<EJ4A4N(O4 4?<>C4C4A
%4?<@4AG4A.<@HE ,C
'8?4?H<$ .;EBH:;$
*. $HA:?8?4A7F<4 9BE@8E?L*. !4E74'H?<4
*8EF474N$&O4 5 $BA::B?B:BE ,C
2@2:/2?0.08-0=
*8EF8AG4F8 $H@?4;4F8G
%8C8@<?<>4A F858?H@8?<@<A4F< AG<G4FA4> &B>4F<CEBL8> *8E68AG4:8B9 .4;HA*8A7<E<4A .BG4?FF8GF
-H5F<7<4E<8F B@<6<?8 )JA8EF;<C FG45?<F;@8AG 589BE88?<@<A4G<BA
%8C8@<?<>4AF4;4@F864E4 &4A:FHA:<E86G)JA8EF;<C
*.<GE4F4H74E4547<N-O4 .4A:8E4A:
4AG8A ,C
*.0<??48?-B?N0-O45 <C4A4F
$4J44E4G ,C
*.%E4>4G4H&4@CHA:.BHE<F@
8I8?BC@8AGN%&.O4 &4@CHA: ,C
*.!E4;4A7E4F8AGE4 B:BE
*EBC8EG<A7BN!*O $4J44E4G ,C
*.4>E<8-J4F4>G</G4@4 N-/O $4>4EG4 ,C
*.-HC8EJ<F;*8E>4F4N-*O5 $4>4EG4 ,C
*.4>E<8(<EJ4A4-8@8FG4N(-O $4>4EG4 ,C
*.H@<4L4'4>@HEN'O $4>4EG4 ,C
0 (A?B8AB?;A6A.@;.89.;7BA.; . &30%?=@.?@=0:1 %@->4/4,=40>.:9?49@0/
2@2:/2?0.08-0=
*8EF8AG4F8 $H@?4;4F8G
%8C8@<?<>4A F858?H@8?<@<A4F< AG<G4FA4> &B>4F<CEBL8> *8E68AG4:8B9 .4;HA*8A7<E<4A .BG4?FF8GF
-H5F<7<4E<8F B@<6<?8 )JA8EF;<C FG45?<F;@8AG 589BE88?<@<A4G<BA
%8C8@<?<>4AF4;4@F864E4 &4A:FHA:<E86G)JA8EF;<C
*.4>E<8*4A:E<CG4&B>4N*&%O $4>4EG4 ,C *.4>E<8!E4;4#AI8FG4@4N!#O45 $4>4EG4 ,C *.4>E<8-8AGE4#AI8FG4@4N-#O45 $4>4EG4 ,C &#AI8FG@8AG*G8&G7O&#O4 -<A:4CHE4 ,C
*.H><G$BA::B?FE<45 $BA::B?B:BE ,C
%8C8@<?<>4AF4;4@F864E4G<74> &4A:FHA:#A7<E86GBJA8EF;<C '8?4?H<!*.;EBH:;!*
*.-4A::E4;4*8?<G4-8AGBF4 8>4F< N-*-O -H>45H@<
$4J44E4G ,C
*.!E4;4#AG4A4?<N!#O46 4?< ,C
*.-4@H7E4 F<4(4F<BA4?
N-(O4 4?< ,C
*.HG4C8E>4F4/A::H??8FG4E<
N*/&O '4?4A:$4J4.<@HE ,C
*.'HG<4E4*8E@4G4<EHN'*O4 4G4@ ,C
*.4;4A4-H>@4F8=4;G8E4
N--O5 B:BE$4J44E4G ,C
'8?4?H<-/.;EBH:;-/
*.4>E<8*8FBA4,4FHA4N*,O $4>4EG4 ,C
*.,4FHA4,8F<78A688I8?BC@8AG
N,,O $4>4EG4 ,C
'8?4?H<(-.;EBH:;(-
*.&<5E4G<A7B!8@<?4A:N&!O45 4?<>C4C4A
%4?<@4AG4A.<@HE ,C
*.8E>4;*H;H&8FG4E<N*&O45 /5H74?< ,C *.4>E<8!E4;4(<EJ4A4N!(O45 $4>4EG4 ,C *.(<EJ4A4&8:<4A"BG8?N(&"O45 %HG44?< ,C *.4?<(<EJ4A4,8FBEGN(,O .4A4;&BG4?< ,C '8?4?H<#.;EBH:;#
*.4>E<8.B??,B47N.,O $4>4EG4 ,C
*.?58EG4/G<?<G<8F#45 $4>4EG4 ,C
'8?4?H<.,.;EBH:;.,
*.-4GE<4<G4*8E>4F4N-*O $4>4EG4 ,C .E4AF:?B54? <A4A68&<@<G87
N.! O4 E<G<F;0<E:<A#F?4A7 ,C
*4A!4?46G<6#AI8F@8AGN*!#O4 E<G<F;0<E:<A#F?4A7 ,C '8?4?H<-*.;EBH:;-*
*.-8@8FG4'4E:4,4L4N-',O $4J44E4G ,C
'8?4?H<.! .;EBH:;.!
*.-8@8FG4'4E:4,4L4N-',O $4J4 4E4G ,C
'8?4?H<*!#.;EBH:;*!#
*.-8@8FG4'4E:4,4L4N-',O $4J44E4G ,C
'8?4?H<*&% .;EBH:;*&%
*.*EBI<68F#A7BA8F<4N*0#O $4>4EG4 ,C
*.,4FHA44GHEG4@4
0 (A?B8AB?;A6A.@;.89.;7BA.; . &30%?=@.?@=0:1 %@->4/4,=40>.:9?49@0/
2@2:/2?0.08-0=
*8EF8AG4F8 $H@?4;4F8G
%8C8@<?<>4A F858?H@8?<@<A4F< AG<G4FA4> &B>4F<CEBL8> *8E68AG4:8B9 .4;HA*8A7<E<4A .BG4?FF8GF
-H5F<7<4E<8F B@<6<?8 )JA8EF;<C FG45?<F;@8AG 589BE88?<@<A4G<BA
'8?4?H<&#.;EBH:;&#
&F<4*G8&G7N&O4 -<A:4CHE4 ,C '8?4?H<!#.;EBH:;!#
*."BG8??GL.8A::4EBA: 9BE@8E?L *.4>E<8E@B
(<EJ4A4N(O4 4?<>C4C4A
%4?<@4AG4A.<@HE ,C
.;B.?62@2:/2?
,9@,=D 0.08-0=
*8EF8AG4F8 $H@?4;F8G
%8C8@<?<>4A F858?H@8?<@<A4F< AG<G4FA4> &B>4F<*EBL8> *8E68AG4:8B9 .4;HA*8A7<E<4A .BG4?FF8GF
-H5F<7<4E<8F B@<6<?8 )JA8EF;<C FG45?<F;@8AG 589BE88?<@<A4G<BA
%8C8@<?<>4AF4;4@F864E4 &4A:FHA: <E86G)JA8EF;<C
*.<GE4F4H74E4547<N-O4 .4A:8E4A:
4AG8A ,C
*.0<??48?-B?N0-O45 <C4A4F
$4J44E4G ,C
*.%E4>4G4H&4@CHA:.BHE<F@
8I8?BC@8AGN%&.O4 &4@CHA: ,C
*.!E4;4A7E4F8AGE4 B:BE
*EBC8EG<A7BN!*O $4J44E4G ,C
*.4>E<8-J4F4>G</G4@4 N-/O $4>4EG4 ,C
*.-HC8EJ<F;*8E>4F4N-*O5 $4>4EG4 ,C
*.4>E<8(<EJ4A4-8@8FG4N(-O4 $4>4EG4 ,C
*.H@<4L4'4>@HEN'O $4>4EG4 ,C
*.4>E<8#A9E4FGEH6GHE8N#O $4>4EG4 ,C
*.4>E<8*4A:E<CG4&B>4N*&%O $4>4EG4 ,C *.4>E<8!E4;4#AI8FG4@4N!#O45 $4>4EG4 ,C *.4>E<8-8AGE4#AI8FG4@4N-#O5 $4>4EG4 ,C %8C8@<?<>4AF4;4@F864E4G<74>
&4A:FHA:#A7<E86GBJA8EF;<C '8?4?H<!*.;EBH:;!*
*.-4A::E4;4*8?<G4-8AGBF4 8>4F< N-*-O -H>45H@<
$4J44E4G ,C
*.!E4;4#AG4A4?<N!#O46 4?< ,C
*.-4@H7E4F<4(4F<BA4?
N-(O4 4?< ,C
*.HG4C8E>4F4/A::H??8FG4E<
N*/&O '4?4A:$4J4.<@HE ,C
*.'HG<4E4*8E@4G4<EHN'*O 4G4@ ,C
*.4;4A4-H>@4F8=4;G8E4
N--O5 B:BE$4J44E4G ,C
'8?4?H<-/.;EBH:;-/
*.4>E<8*8FBA4,4FHA4N*,O $4>4EG4 ,C
*.,4FHA4,8F<78A688I8?BC@8AG
0 (A?B8AB?;A6A.@;.89.;7BA.; . &30%?=@.?@=0:1 %@->4/4,=40>.:9?49@0/
.;B.?62@2:/2?
,9@,=D 0.08-0=
*8EF8AG4F8 $H@?4;4F8G
%8C8@<?<>4A F858?H@8?<@<A4F< AG<G4FA4> &B>4F<CEBL8> *8E68AG4:8B9 .4;HA*8A7<E<4A .BG4?FF8GF
-H5F<7<4E<8F B@<6<?8 )JA8EF;<C FG45?<F;@8AG 589BE88?<@<A4G<BA
'8?4?H<(-.;EBH:;(-
*.&<5E4G<A7B!8@<?4A:N&!O45 4?<>C4C4A
%4?<@4AG4A.<@HE ,C
*.8E>4;*H;H&8FG4E<N*&O45 /5H74?< ,C *.4>E<8!E4;4(<EJ4A4N!(O45 $4>4EG4 ,C *.4>E<8E@B(<EJ4A4N(O45 4?<>C4C4A
%4?<@4AG4A.<@HE ,C
*.(<EJ4A4&8:<4A"BG8?N(&"O45 %HG44?< ,C *.4?<(<EJ4A4,8FBEGN(,O4 .4A4;&BG 4?< ,C '8?4?H<#.;EBH:;#
*.4>E<8.B??,B47N.,O $4>4EG4 ,C
*.?58EG4/G<?<G<8F#45 $4>4EG4 ,C
'8?4?H<.,.;EBH:;.,
*.-4GE<4<G4*8E>4F4N-*O $4>4EG4 ,C .E4AF:?B54? <A4A68&<@<G87
N.! O4 E<G<F;0<E:<A#F?4A7 ,C
*4A!4?46G<6#AI8F@8AGN*!#O4 E<G<F;0<E:<A#F?4A7 ,C '8?4?H<-*.;EBH:;-*
*.-8@8FG4'4E:4,4L4N-',O5 $4J44E4G ,C
'8?4?H<.! .;EBH:;.!
*.-8@8FG4'4E:4,4L4N-',O5 $4J44E4G ,C
'8?4?H<*!#.;EBH:;*!#
*.-8@8FG4'4E:4,4L4N-',O5 $4J44E4G ,C
'8?4?H<*&%.;EBH:;*&%
*.*EBI<68F#A7BA8F<4N*0#O $4>4EG4 ,C
*.,4FHA44GHEG4@4
BECBE4N,O4 6 $4>4EG4 ,C
4<4H7<GB?8;H7<GBE#A78C8A78A?4<A 5AG<G4F74?4@G4;4CC8A:8@54A:4A 6.<74>4>G<9
4H7<G875LBG;8E#A78C8A78AGH7<GBEF 56B@C4ALHA78E78I8?BC@8AGFG4:8 6#A46G<I8
%8:<4G4AHF4;4 AG<G4FA4> 474?4;F854:4<58E<>HG 6G<I<G<8FB9-H5F<7<4E<8F4E84F9B??BJF ;A6A.@;.8
%@->4/4,=40> 246.A.;[email protected]..?4A4?40>
%8C8@<?<>4A?4A:FHA:<E86GBJA8EF;<C
*.<GE4F4H74E4547< *8EH@4;4A,8F<78AG<4?4E84
*.0<??48?-B? *8A:8@54A:4AC4E<J<F4G47<<4A=HE$4J44E4G.BHE<F@ 8I8?BC@8AG<A<4A=HE18FG$4I4
*.%E4>4G4H&4@CHA:.BHE<F@8I8?BC@8AG *8@54A:HA4A >4J4F4A J<F4G4 %E4>4GB4 (<EJ4A4 ,8FBEG %E4>4GB4(<EJ4A4,8FBEG.BHE<F@,8FBEG8I8?BC@8AG *.!E4;4A7E4F8AGE4*EBC8EG<A7B ,84? 8FG4G CEBC8EG< C8EH@4;4A 74A C8E;BG8?4A ,84?
8FG4G8CEBC8EGLE8F<78AG<4?4E84 4A7;BG8?F
*.4>E<8-J4F4>G</G4@4 ,84?8FG4GCEBC8EG<4C4EG8@8AC8E;BG8?4A74AC8E>4AGBE4A ,84? 8FG4G8 CEBC8EGL 4C4EG@8AG ;BG8?F 4A7 B99<68 FC468F
0 (A?B8AB?;A6A.@;.89.;7BA.; . &30%?=@.?@=0:1%@->4/4,=40>.:9?49@0/
;A6A.@;.8
%@->4/4,=40> 246.A.;[email protected]..?4A4?40>
*.4>E<8(<EJ4A4-8@8FG4 *8@54A:HA4A C8E74:4A:4A 74A =4F4 BAFGEH6G<BA GE47<A:4A7F8EI<68F
*.H@<4L4'4>@HE *8E74:4A:4A C8@54A:HA4A 74A =4F4 .E47<A: 6BAFGEH6G<BA4A7F8EI<68F
*.4>E<8#A9E4FGEH6GHE8 *8@54A:HA4A C8E74:4A:4A 74A =4F4 BAFGEH6G<BA GE47<A:4A7F8EI<68F
*.4>E<8*4A:E<CG4&B>4 *8E74:4A:4A C8@54A:HA4A 74A =4F4 .E47<A: 6BAFGEH6G<BA4A7F8EI<68F
*.4>E<8!E4;4#AI8FG4@4 *8E74:4A:4A C8@54A:HA4A 74A =4F4 .E47<A: 6BAFGEH6G<BA4A7F8EI<68F
*.4>E<8-8AGE4#AI8FG4@4 *8E74:4A:4A C8@54A:HA4A 74A =4F4 .E47<A: 6BAFGEH6G<BA4A7F8EI<68F
&#AI8FG@8AG*G8&G7 #AI8FG4F<74AC8A74A44A#AI8FG@8AGF4A7E89<A4A6<A: %8C8@<?<>4AG<74>?4A:FHA:#A7<E86GBJA8EF;<C
'8?4?H<!*.;EBH:;!*
*.-4A::E4;4*8?<G4-8AGBF4 *8EH@4;4A !E4;4 .4@4A %854LBE4A 74A !E4;4 .4@4A -H>45H@< "BHF<A: B9 !E4;4 .4@4A %854LBE4A 4A7 !E4;4.4@4A-H>45H@<
*.!E4;4#AG4A4?< *8E;BG8?4A"BG8?F *.-4@H7E4F<4(4F<BA4? *8E;BG8?4A"BG8?F
*.HG4C8E>4F4/A::H??8FG4E< *8EH@4;4A74AE84?8FG4G,8F<78AG<4?4E844A7E84?8FG4G8 *.'HG<4E4*8E@4G4<EH *8EH@4;4A74A5<74A:<A7HFGE<8FG4G,8F<78AG<4?4E844A7
E84?8FG4G8
*.4;4A4-H>@4F8=4;G8E4 *8EH@4;4A74AE84?8FG4G,8F<78AG<4?4E844A7E84?8FG4G8 *.H><G$BA::B?FE< *8EH@4;4A74AE84?8FG4G,8F<78AG<4?4E844A7E84?8FG4G8 '8?4?H<-/.;EBH:;-/
*.4>E<8*8FBA4,4FHA4 *8A:8?B?4 *4F4E 8FG<I4? %?H5 ,4FHA4 !8?4A::4A: '4;4F<FJ4 N-B8@4AGE< EB=BA8:BEBO '4A4:8@8AG B9 *4F4E 8FG<I4? %?H5 ,4FHA4 -CBEG 8AG8E O-B8@4AGE< EB=BA8:BEBP
*.,4FHA4,8F<78A688I8?BC@8AG *8A:8?B?4 "BG8? FGBA ,8F<78A68 '4A4:8@8AG B9 "BG8? FGBA,8F<78A68
'8?4?H<(-
.;EBH:;(-*.&<5E4G<A7B!8@<?4A: *8@54A:HA4A74AE84?8FG4GBAFGEH6G<BA4A7E84?8FG4G8 *.8E>4;*H;H&8FG4E< *8E;BG8?4A"BG8?F
*.4>E<8!E4;4(<EJ4A4 *8E;BG8?4A"BG8?F
*.(<EJ4A4&8:<4A"BG8? *8E;BG8?4A74A*4E<J<F4G4"BG8?4A7.BHE<F@ *.4?<(<EJ4A4,8FBEG *8E;BG8?4A74A*4E<J<F4G4"BG8?4A7.BHE<F@ *.4>E<84A:HA*8EF474 *8E;BG8?4A74A*4E<J<F4G4"BG8?4A7.BHE<F@ '8?4?H<#.;EBH:;#
*.4>E<8.B??,B47 *8@54A:HA4A C8E74:4A:4A 74A =4F4 BAFGEH6G<BA GE47<A:4A7F8EI<68F
*.?58EG4/G<?<G<8F *8@54A:HA4A C8E74:4A:4A 74A =4F4 BAFGEH6G<BA GE47<A:4A7F8EI<68F
0 (A?B8AB?;A6A.@;.89.;7BA.; . &30%?=@.?@=0:1%@->4/4,=40>.:9?49@0/
;A6A.@;.8
%@->4/4,=40> 246.A.;[email protected]..?4A4?40>
'8?4?H<.,.;EBH:;.,
*.-4GE<4<G4*8E>4F4 *8E74:4A:4A C8@54A:HA4A =4F4 C8A:4A:>HG4A 74E4G C8E58A:>8?4A C8E68G4>4A C8EG4A<4A C8EG4@54A:4A E84? 8FG4G8 74A C8E<A7HFGE<4A .E47<A: 6BAFGEH6G<BA F8EI<68 GE4AFCBEG4G<BA JBE>F;BC CE<AG<A: 4:E<6H?GHE8 @<A<A:E84? 8FG4G84A7<A7HFGEL
.E4AF:?B54? <A4A68&<@<G87 AG<G4F<AI8FG4F<#AI8FG@8AG;B?7<A:6B@C4AL *4A!4?46G<6#AI8FG@8AG AG<G4F<AI8FG4F<#AI8FG@8AG;B?7<A:6B@C4AL '8?4?H<-*.;EBH:;-*
*. -8@8FG4'4E:4,4L4 *8@54A:HA4A74AC8A:HF4;44A=4?4AGB?6BAFGEH6G<BA4A7 78I8?BC@8AGB9GB??EB47CEB=86G
'8?4?H<.! .;EBH:;.!
*.-8@8FG4'4E:4,4L4 *8@54A:HA4A74AC8A:HF4;44A=4?4AGB?6BAFGEH6G<BA4A7 78I8?BC@8AGB9GB??EB47CEB=86G
'8?4?H<*!#.;EBH:;*!#
*.-8@8FG4'4E:4,4L4 *8@54A:HA4A74AC8A:HF4;44A=4?4AGB?6BAFGEH6G<BA4A7 78I8?BC@8AGB9GB??EB47CEB=86G
'8?4?H<*&%.;EBH:;*&%
*.*EBI<68F#A7BA8F<4 *8A:8?B?4 :87HA: 4C4EG8@8A 74A C8EH@4;4A '4A4:8@8AGB95H<?7<A:4C4EG@8AG4A7E8F<78AG<4?4E84 *.,4FHA44GHEG4@4BECBE4 *EBC8EG<*EBC8EGL
'8?4?H<!#.;EBH:;!#
*."BG8??GL.8A::4EBA:74;H?H*.4>E<8E@B
(<EJ4A4 *8E;BG8?4A74A*4E<J<F4G4"BG8?4A7.BHE<F@ '8?4?H<&#.;EBH:;&#
&F<4*G8&G7 #AI8FG4F<74AC8A74A44A#AI8FG@8AGF4A7E89<A4A6<A: '8?4?H<$ .;EBH:;$
*.$HA:?8?4A7F<4 *8@54A:HA4A >4J4F4A C4E<J<F4G4 8I8?BC@8AG B9 GBHE<F@4E84
*474 G4A::4? 8F8@58E *. !E4;4 #AG4A 4?<74A*.,4FHA44GHEG4@4BECBE4@8EHC4>4A AG<G4F L4A: G<74> 4>G<9 58EBC8E4F< F874A:>4A *. 0<??4 8? -B? *. -HC8EJ<F; *8E>4F4 *. &<5E4G<A7B !8@<?4A: *. 8E>4; *H;H &8FG4E< *. 4>E<8 !E4;4 (<EJ4A4 *. 4;4A4 -H>@4F8=4;G8E4 *. ?58EG4 /G<?<G<8F *. 4>E<8 -8AGE4 #AI8FG4@4 *. @8EG4 H@< 4C<G4? 74A *. $HA:?8?4A7 F<4 @8EHC4>4A AG<G4F L4A: @4F<; 74?4@G4;4CC8A:8@54A:4A
1 2D.;8<:6@.?6@6?28@61.; .?F.D.; / :,=/> :884>>4:90=> 4=0.?:=> ,9/
8;7:D00>
*474 G4A::4? 8F8@58E 74A $4AH4E<8F8@58EFHFHA4A78J4A >B@<F4E<F74A7<E8>F<AG<G4F#A7H>58E74F4E>4A>G4 (BG4E<F A74?<4 4E<74 -" '" (B G4A::4? (BI8@58E >G4(BG4E<FH?<4.4H94A<-" F8?4>HC8A::4AG<74E<-HG=<CGB-"'%A(B G4A::4?'8<74A>G4(BG4E<F-HG=<CGB -" '%A(BG4A::4?'8<474?4;F854:4< 58E<>HG
F B9 868@58E 4A7 $4AH4EL 868@58E G;8B@C4ALNF5B4E7F B96B@@<FF<BA8EF4A77<E86GBEF54F87BA(BG4E<4? 887 B9 A74?<4 4E<74 -" '" (B 74G87 (BI8@58E(BG4E<4?887 B9 H?<4.4H94A< -" 4F 4 FH5FG<GHG8 B9 -HG=<CGB -" '%A (B 74G87 '4L 4A7 (BG4E<4? B9 887 -HG=<CGB-"'%A (B74G87'4L 4F9B??BJF
2@2:/2?0.08-0=
8J4A%B@<F4E<FB4E7B9B@@<FF<BA8EF <E8>F<B4E7B9<E86GBEF
4@54A:#E4J4A"8A7E47< *E8F<78A%B@<F4E<F "<E4@FL4;-4@5H7;L.;4<5 *E8F<78A<E8>GHE
*E8F<78AGB@@<FF<BA8E *E8F<78AG<E86GBE
-HC4EGBAB %B@<F4E<FB@@<FF<BA8E 6;@47@E<FJBAB*HGEB <E8>GHE<E86GBE
E@4AFL4;34@<A %B@<F4E<FB@@<FF<BA8E 85-H@4A74E <E8>GHE<E86GBE
&H>@4A*HEAB@BF<7< %B@<F4E<F#A78C8A78A
#A78C8A78AGB@@<FF<BA8E
%4A4>4*HE47<E87=4 %B@<F4E<F#A78C8A78A
#A78C8A78AGB@@<FF<BA8E
2@2:/2?0.08-0=
8J4A%B@<F4E<FB4E7B9B@@<FF<BA8EF <E8>F<B4E7B9<E86GBEF
4@54A:#E4J4A"8A7E47< *E8F<78A%B@<F4E<F "<E4@FL4;-4@5H7;L.;4<5 *E8F<78A<E8>GHE
*E8F<78AGB@@<FF<BA8E *E8F<78AG<E86GBE
-HC4EGBAB %B@<F4E<FB@@<FF<BA8E '4EH7<-HE46;@4A <E8>GHE<E86GBE
7:4E7B4HG<FG4 %B@<F4E<FB@@<FF<BA8E "4@<7'HA7M<E <E8>GHE<E86GBE
'4E>,B58EG"4EE<F %B@<F4E<FB@@<FF<BA8E -E<"4F64ELB <E8>GHE<E86GBE
&H>@4A*HEAB@BF<7< %B@<F4E<F#A78C8A78A 8E7<A4A7-478?< <E8>GHE<E86GBE
#A78C8A78AGB@@<FF<BA8E
%4A4>4*HE47<E87=4 %B@<F4E<F#A78C8A78A
#A78C8A78AGB@@<FF<BA8E
'8A:HA7HE>4A7<E<C474G4A::4?)>GB58EE8F<:A87BA)6GB58E
.;B.?62@2:/2?
,9@,=D 0.08-0=
8J4A%B@<F4E<FB4E7B9B@@<FF<BA8EF <E8>F<B4E7B9<E86GBEF
4@54A:#E4J4A"8A7E47< *E8F<78A%B@<F4E<F "<E4@FL4;-4@5H7;L.;4<5 *E8F<78A<E8>GHE
*E8F<78AGB@@<FF<BA8E *E8F<78AG<E86GBE
-HC4EGBAB %B@<F4E<FB@@<FF<BA8E '4EH7<-HE46;@4A <E8>GHE<E86GBE
7:4E7B4HG<FG4 %B@<F4E<FB@@<FF<BA8E "4@<7'HA7M<E <E8>GHE<E86GBE
'4E>,B58EG"4EE<F %B@<F4E<FB@@<FF<BA8E -E<"4F64ELB <E8>GHE<E86GBE
&H>@4A*HEAB@BF<7< %B@<F4E<F#A78C8A78A
#A78C8A78AGB@@<FF<BA8E
%4A4>4*HE47<E87=4 %B@<F4E<F#A78C8A78A
#A78C8A78AGB@@<FF<BA8E
*474 G4A::4? 8F8@58E 74A $4AH4E< 8F8@58E =H@?4; >4EL4J4A G8G4C !EHC 474?4; 74A BE4A:G<74>7<4H7<G
1 2D.; 8<:6@.?6@ 6?28@6 1.; .?F.D.;
9.;7BA.; / :,=/>8;7:D00>.:9?49@0/:884>>4:90=> 4=0.?:=> ,9/
!4=< 74A >B@C8AF4F< ?4<AAL4 L4A: 7<54L4E>4A >8C474 78J4A >B@<F4E<F 74A 7<E8>F< !EHC F8?4@4 G4;HA74A $4AH4E<8F8@58E 474?4;F854:4<58E<>HG
,8@HA8E4G<BAF B9 G;8 5B4E7F B9 6B@@<FF<BA8EF 4A7 7<E86GBEFB9G;8!EBHC9BEG;8L84E7HE<A: 4A7 $4AH4EL 868@58E 4E8 4F 9B??BJF
.;B.?6 2@2:/2?
2@2:/2? 2@2:/2? ,9@,=D
0.08-0= 0.08-0= 0.08-0=
8J4A%B@<F4E<F B4E7B9B@@<FF<BA8EF
<E8>F< B4E7B9<E86GBEF
B:9.5 &:?,7
-HFHA4A 4A::BG4 >B@<G8 4H7<G C474 G4A::4? 8F8@58E 74A $4AH4E< 8F8@58E474?4;F854:4<58E<>HG
.;8 6B@CBF<G<BA B9 4H7<G 6B@@<GG88 4F B9
868@58E 4A7 $4AH4EL
868@58E 4E84F9B??BJF 1.; .;B.?6
2@2:/2? ,9/,9@,=D
0.08-0=
%8GH4 %4A4>4*HE47<E87=4 ;4<E@4A
A::BG4 -B8A4EFB-B8@B7<J<E=B '8@58E
A::BG4 'H;4@@47"4FF4A '8@58E
-8>E8G4E<F AG<G4F #A7H> C474 G4A::4? 8F8@58E 74A $4AH4E< 8F8@58E474?4;-4AGBFBH7<(HM<E@4A (HE7<A
BECBE4G8 F86E8G4EL 4F B9 868@58E 4A7$4AH4EL 868@58E 4E8-4AGBFB H7<(HM<E@4A(HE7<A
# *#)#(-#(# # %'$+!% &!' &
"!%
. .@.? %2;F.76.; !.=<?.; 2B.;4.;
<;@<961.@6.; , ,>4> "=0;,=,?4:9 :1 :9>:74/,?0/ 49,9.4,7%?,?0809?>
&4CBE4A >8H4A:4A >BAFB?<74F<4A G8?4; 7<FHFHA F8FH4< 78A:4A -G4A74E >HAG4AF< %8H4A:4A 7< #A7BA8F<4N-%OL4A:@8A64>HC*8EAL4G44A74A #AG8ECE8G4F< L4A: 7<>8?H4E>4A B?8; 8J4A -G4A74E >HAG4AF< %8H4A:4A #>4G4A >HAG4A #A7BA8F<4 N-%O 74A *8E4GHE4AC8E4GHE4A F8EG4 *87B@4A *8AL4=<4A 74A *8A:HA:>4C4A &4CBE4A %8H4A:4A L4A: 7<G8E5<G>4A B?8; **'&% -8C8EG< 7<HA:>4C>4A74?4@64G4G4A64G4G4AG8E>4<G7<54J4; <A< 5858E4C4 FG4A74E 4>HAG4AF< L4A: G8?4; 7<E8I<F< 74A7<G8E5<G>4A7<G8E4C>4A898>G<9G4A::4?$4AH4E< 54<>F864E4CEBFC8>G<9@4HCHAE8GEBFC8>G<9
9.;7BA.; "!%.:9?49@0/
. .@.? %2;F.76.; !.=<?.; 2B.;4.;
<;@<961.@6.;9.;7BA.; , ,>4> "=0;,=,?4:9 :1 :9>:74/,?0/ 49,9.4,7%?,?0809?>.:9?49@0/
*474 G4A::4? $4AH4E< !EHC @8A8E4C>4A *-% (B ,8I<F< N*8AL4=<4A &4CBE4A %8H4A:4AO
)A $4AH4EL !EBHC 47BCG87 *-% (B ,8I<F87 *E8F8AG4G<BA B9 <A4A6<4? -G4G8@8AGF
*-% (B ,8I<F< @8A:4GHE C8AL4=<4A ?4CBE4A >8H4A:4A L4<GH 4AG4E4 ?4<A GH=H4A C8?4CBE4A >B@CBA8A ?4CBE4A >8H4A:4A C8AL4=<4A F864E4 J4=4E @4G8E<4?<G4F 74A 4:E8:4F< F4?<A: ;4CHFC8E58744A4AG4E4F8G?4A64E74AG<74>?4A64E 74A ?<45<?<G4F =4A:>4 C8A78> 74A =4A:>4 C4A=4A: <A9BE@4F< >B@C4E4G<9 >BAF<FG8AF< C8AL4=<4A 74A @8@C8E>8A4?>4A C8A:HA:>4C4A 54EH 4AG4E4 ?4<A FH@58E 8FG<@4F< >8G<74>C4FG<4A 74A C8EG<@54A:4A C8A:8?B?44AC8E@B74?4AC8A74C4G4A>B@CE8;8AF<9 ?4<AAL4 C8AL<@C4A:4A 74E< FG4A74E 4>HAG4AF< >8H4A:4A74AC8EAL4G44A>8C4GH;4A
*-%(B,8I<F87 E8:H?4G8FCE8F8AG4G<BA B9 9<A4A6<4? FG4G8@8AGF 4F GB 4@BA: BG;8EF G;8 B5=86G<I86B@CBA8AGFB99<A4A6<4?FG4G8@8AGF94<E CE8F8AG4G<BA @4G8E<4?<GL 4A7 4::E8:4G8 B99F8GG<A: 7<FG<A6G<BA58GJ88A6HEE8AG4A7ABA6HEE8AG4FF8GF 4A7 F;BEGG8E@ 4A7 ?BA:G8E@ ?<45<?<G<8F 6B@C4E4G<I8<A9BE@4G<BA6BAF<FG8A6L4A7<AGEB7H68 A8J 7<F6?BFHE8 FH6; 4F 4@BA: BG;8EF >8L 8FG<@4G<BAF4A7=H7:8@8AGF64C<G4?@4A4:8@8AG BG;8E 6B@CE8;8AF<I8 <A6B@8 78I<4G<BAF 9EB@ 9<A4A6<4? 466BHAG<A: FG4A74E7F 4A7 FG4G8@8AGF B9 6B@C?<4A68
*8A8E4C4A *-% (B ,8I<F< G8EF85HG @8@58E<>4A C8A:4EH; L4A: F<:A<9<>4A 54:< C8A:HA:>4C4A G8E>4<G 74?4@ ?4CBE4A >8H4A:4A >BAFB?<74F<4A
.;847BCG<BAB9*-%(B,8I<F87 ;4I8 4 F<:A<9<64AG <A9?H8A68 9BE E8?4G87 7<F6?BFHE8F <A 6BAFB?<74G879<A4A6<4?FG4G8@8AGF
%85<=4>4A 4>HAG4AF< L4A: 7<G8E4C>4A 74?4@ C8ALHFHA4A?4CBE4A>8H4A:4A>BAFB?<74F<4A474?4; F8?4E4F78A:4A>85<=4>4A4>HAG4AF<L4A:7<G8E4C>4A 74?4@C8ALHFHA4A?4CBE4A>8H4A:4A>BAFB?<74F<4A HAGH> G4;HA L4A: 58E4>;<E C474 G4A::4? 8F8@58E 74A $4AH4E< 8F8@58E >86H4?< 54:< C8A8E4C4A 5858E4C4 -% L4A: G8?4; 7<E8I<F< 898>G<9 F8=4> G4A::4? $4AH4E< F8C8EG< L4A: G8?4; 7<HA:>4C>4AC4744G4G4A<A<
.;8466BHAG<A:CB?<6<8F47BCG87<AG;8CE8C4E4G<BA B96BAFB?<74G879<A4A6<4?FG4G8@8AGF4E86BAF<FG8AG J<G; G;BF8 9B??BJ87 <A G;8 CE8C4E4G<BA B9 G;8 B@C4ALNF9<A4A6<4?FG4G8@8AGF9BEG;8L84E8A787 868@58E 4A7 $4AH4EL 868@58E 8K68CG 9BE G;8 47BCG<BA B9 F8I8E4?4@8A787-%89986G<I8$4AH4EL4F 7<F6?BF87<AG;<F(BG8
&4CBE4A >8H4A:4A >BAFB?<74F<4A >86H4?< ?4CBE4A 4EHF>4F7<FHFHA58E74F4E>4A>BAF8C4>EH4?4F4E C8A:H>HE4A L4A: 7<:HA4>4A 74?4@ C8ALHFHA4A ?4CBE4A >8H4A:4A 474?4; >BAF8C 5<4L4 C8EB?8;4A >86H4?<5858E4C44>HAG8EG8AGH7<FHFHA58E74F4E>4A C8A:H>HE4A ?4<A F854:4<@4A4 7<HE4<>4A 74?4@ >85<=4>4A4>HAG4AF<@4F<A:@4F<A:4>HAG8EF85HG
.;8 6BAFB?<74G87 9<A4A6<4? FG4G8@8AGF 8K68CG 9BE G;8 FG4G8@8AGF B9 64F; 9?BJF 4E8 CE8C4E87 HF<A: G;8466EH4?54F<FB9466BHAG<A:.;8@84FHE8@8AG 54F<F HF87 <F ;<FGBE<64? 6BFG 8K68CG 9BE 68EG4<A 466BHAGF J;<6; 4E8 @84FHE87 BA G;8 54F<F 78F6E<587<AG;8E8?4G87466BHAG<A:CB?<6<8F
&4CBE4A 4EHF >4F >BAFB?<74F<4A 7<FHFHA 78A:4A @8A::HA4>4A @8GB78 ?4A:FHA: @8AL4=<>4A C8A8E<@44A 74A C8A:8?H4E4A >4F L4A: 7<>?4F<9<>4F<>4A74?4@4>G<I<G4FBC8E4F<<AI8FG4F<74A C8A74A44A
.;8 6BAFB?<74G87 FG4G8@8AG B9 64F; 9?BJF ;4I8 588A CE8C4E87 HF<A: G;8 7<E86G @8G;B7 5L 6?4FF<9L<A: 64F; E868<CGF 4A7 C4L@8AGF <AGB BC8E4G<A:<AI8FG<A:4A79<A4A6<A:46G<I<G<8F
98>G<9 G4A::4? $4AH4E< !EHC G8?4; @8A8E4C>4A *-% (B ,8I<F< N&4CBE4A EHF%4FOL4A:@8A::4AG<>4A*-%(B78A:4A =H7H? L4A: F4@4 *8A8E4C4A *-% (B ,8I<F< G<74> @8@<?<>< 74@C4> L4A: F<:A<9<>4A C474 ?4CBE4A>8H4A:4A>BAFB?<74F<4A
. .@.? %2;F.76.; !.=<?.; 2B.;4.;
<;@<961.@6.;9.;7BA.; , ,>4> "=0;,=,?4:9 :1 :9>:74/,?0/ 49,9.4,7%?,?0809?>.:9?49@0/
&4CBE4A CBF<F< >8H4A:4A >BAFB?<74F<4A 7<F4=<>4A G4AC4 7<>8?B@CB>>4A >8 74?4@ ?4A64E 74A G<74> ?4A64E HA6?4FF<9<87 54?4A68 F;88GF F8FH4< 78A:4A *-% (B N>HAG4AF< >G<I<G4F *8A:8@54A:4A ,84?FG4GO
.;8 6BAFB?<74G87 54?4A68 F;88GF 4E8 CE8F8AG87 54F87 BA HA6?4FF<9<87 @8G;B7 <A 466BE74A68 J<G; *-% (B O66BHAG<A: 9BE ,84? FG4G8 8I8?BC@8AG6G<I<G<8FP
'4G4 H4A: L4A: 7<:HA4>4A 74?4@ C8ALHFHA4A ?4CBE4A >8H4A:4A >BAFB?<74F<4A 474?4; ,HC<4; L4A:@8EHC4>4A@4G4H4A:9HA:F<BA4? !EHC
.;8 E8CBEG<A: 6HEE8A6L HF87 <A G;8 CE8C4E4G<BA B9 G;86BAFB?<74G879<A4A6<4?FG4G8@8AGF<F#A7BA8F<4A ,HC<4;J;<6;<FG;89HA6G<BA4?6HEE8A6LB9 !EBHC %2;2?.=.; (A.;1.? 8B;A.;@6 2B.;4.; 1.;
;A2?=?2A.@6 (A.;1.? 8B;A.;@6 2B.;4.; H( I'[email protected];
/:;?4:9 ,9/ 49?0=;=0?,?4:9 :1 :?30= =0A4>0/ 49,9.4,7..:@9?492%?,9/,=/>
-8?4<A FG4A74E 4>HAG4AF< E8I<F< L4A: G8?4; 7<F85HG>4A F858?H@AL4 !EHC =H:4 G8?4; @8A8E4C>4A -G4A74E >HAG4AF< %8H4A:4A 74A #AG8ECE8G4F< -G4A74E >HAG4AF< %8H4A:4A 58E<>HG C474G4A::4?$4AH4E<L4A:7<4A::4CE8?8I4A G8E;474C ?4CBE4A >8H4A:4A A4@HA G<74> @8A<@5H?>4A74@C4>F<:A<9<>4A
#A 477<G<BA GB G;8 E8I<F87 466BHAG<A: FG4A74E7F J;<6;;4I8588A@8AG<BA87CE8I<BHF?L !EBHC 4?FB ;4I8 <@C?8@8AG87 G;8 <A4A6<4? 66BHAG<A: -G4A74E7F 4A7 #AG8ECE8G4G<BA B9 <A4A6<4? 66BHAG<A: -G4A74E7F 4F 9B??BJF BA G;8 74G8 B9 $4AH4EL 4E8 788@87 E8?8I4AG GB G;8 9<A4A6<4?FG4G8@8AGF5HG7B8FABG64HF8F<:A<9<64AG <@C46GF
*-%(B,8I<F<N&4CBE4AEHF%4FO
*-% (B ,8I<F< N*8E<FG<J4 -8G8?4; *8E<B78&4CBE4AO
*-% (B ,8I<F< N%85<=4>4A >HAG4AF<*8EH54;4AFG<@4F<>HAG4AF<74A %8F4?4;4AO
*-%(B,8I<F<N*EBI<F<&<45<?<G4F %BAG<=8AF<74AF8G%BAG<=8AF<O
*-% (B ,8I<F87 O-G4G8@8AGF B9 4F; ?BJFP
*-%(B,8I<F87 OI8AG49G8EG;8 ,8CBEG<A:*8E<B7P
*-% (B ,8I<F87 O66BHAG<A: *B?<6L;4A:8F<A66BHAG<A:FG<@4G8F4A7 EEBEP
*-% (B ,8I<F87 O*EBI<F<BAF BAG<A:8AG&<45<?<G<8F4A7BAG<:8AGFF8GF
/ %?6;@6==?6;@6= <;@<961.@6.; - "=49.4;70>:1 :9>:74/,?4:9
(27.8).;44.9.;B.?6 =:8,9@,=D
98>G<9 G4A::4? $4AH4E< !EHC @8A8E4C>4A F864E4 E8FGEBFC8>G<9 *-% (B ,8I<F< N&4CBE4A %8H4A:4A %BAFB?<74F<4A 74A &4CBE4A %8H4A:4A .8EF8A7<E<O >86H4?< 5858E4C4 ;4? 58E<>HG L4A: 7<G8E4C>4A F864E4 CEBFC8>G<9 < EH:< AG<G4F A4> L4A: @8AL8545>4A F4?7B 789<F<G 54:< >8C8AG<A:4A ABAC8A:8A74?< N%(*O << >8;<?4A:4A C8A:8A74?<4A C474 AG<G4F A4> <<< C8EH54;4A >8C8@<?<>4A C474 AG<G4F A4> L4A: G<74> @8A:4><54G>4A ;<?4A:AL4 C8A:8A74?<4A <I ;4> FH4E4 CBG8AF<4? 74?4@ @8A8AGH>4A >858E4744A C8A:8A74?<4A 74A I >BAFB?<74F<4A 4G4F AG<G4F A4> L4A:@8@<?<><C8@54G4F4A=4A:>4C4A=4A:
/ %?6;@6==?6;@6= <;@<961.@6.;9.;7BA.; - "=49.4;70>:1 :9>:74/,?4:9.:9?49@0/
(27.8).;44.9.;B.?6 9.;7BA.; =:8,9@,=D .:9?49@0/
*-% (B ,8I<F< @8A:4GHE C8ALHFHA4A 74A C8AL4=<4A ?4CBE4A >8H4A:4A >BAFB?<74F<4A HAGH> F8>8?B@CB> 8AG<G4F L4A: 58E474 74?4@ C8A:8A74?<4A FH4GH 8AG<G4F <A7H> 74A 4>HAG4AF< HAGH> <AI8FG4F< C474 8AG<G4F8AG<G4F 4A4> C8A:8A74?<4A 58EF4@4 8AG<G4F 74A 8AG<G4F 4FBF<4F< >8G<>4?4CBE4A>8H4A:4AG8EF8A7<E<7<F4=<>4AF854:4< <A9BE@4F<G4@54;4A
*-% (B ,8I<F87 CEBI<78F 9BE G;8 CE8C4E4G<BA 4A7 CE8F8AG4G<BA B9 6BAFB?<74G87 9<A4A6<4? FG4G8@8AGF 9BE 4 :EBHC B9 8AG<G<8F HA78E G;8 6BAGEB? B9 4 C4E8AG 4A7 G;8 466BHAG<A: 9BE <AI8FG@8AGF <A FH5F<7<4E<8F =B<AG?L 6BAGEB??87 8AG<G<8F 4A7 4FFB6<4G87 8AG<G<8F J;8A F8C4E4G8 9<A4A6<4? FG4G8@8AGF 4E8 CE8F8AG87 4F 477<G<BA4? <A9BE@4G<BA
-8C8EG<7<HE4<>4AC47454:<4A<A<C8A8E4C4A*-% (B,8I<F<G8EF85HG@8@58E<>4AC8A:4EH; L4A: 58E4EG< G8E;474C C8?4CBE4A >8H4A:4A 58E<>HG C8A:HA:>4C4A G8E>4<G 74?4@ ?4CBE4A >8H4A:4A >BAFB?<74F<4A
F 78F6E<587 ;8E8<AG;8 47BCG<BA B9 *-% (B ,8I<F87 ;4F 4 F<:A<9<64AG <@C46G BA G;8 9<A4A6<4? E8CBEG<A: <A6?H7<A: 9BE G;8 E8?4G87 7<F6?BFHE8F <A G;8 6BAFB?<74G87 9<A4A6<4? FG4G8@8AGF
&4CBE4A >8H4A:4A >BAFB?<74F<4A @8?<CHG< F8@H4 4>HA !EHC AG<G4F A4> 474?4; FH4GH 8AG<G4F 7<@4A4 AG<G4F #A7H> @8@<?<>< >8C8@<?<>4A F858F4E ?85<; 74E< ;4> FH4E4 4G4H @8@CHAL4< C8A:8A74?<4A 4G4F >85<=4>4A >8H4A:4A 74A BC8E4F<BA4?
.;8 6BAFB?<74G87 9<A4A6<4? FG4G8@8AGF <A6?H78 4?? 466BHAGF B9 !EBHC -H5F<7<4EL <F 4A 8AG<GL J;8E8 G;8B@C4AL;4FBJA8EF;<CB9@BE8G;4AB9 G;8IBG<A:E<:;GFBE;4I86BAGEB?BI8EG;89<A4A6<4? 4A7BC8E4G<BA4?CB?<6<8F
-8?HEH;GE4AF4>F<74AF4?7B4>HA4AG4E AG<G4F L4A: F<:A<9<>4A G8E@4FH> ?454 4G4H EH:< L4A: 58?H@ 7<E84?<F4F<G8?4;7<8?<@<A4F<
?? F<:A<9<64AG <AG8E6B@C4AL GE4AF46G<BAF 4A7 466BHAG 54?4A68F <A6?H7<A: G;8 E8?4G87 F<:A<9<64AG HAE84?<M87:4<AFBE?BFF8F ;4I8588A8?<@<A4G87 -8FH4<78A:4A*-%(BN*8?4CBE4A%8H4A:4A
'8A:8A4< 4:<4A *4EG<F<C4F< #AG8E8FG 74?4@ *8A:8A74?<4A 8EF4@4 )C8E4F< 74A F8G $B<AG?L BAGEB??87 )C8E4G<BAF 4A7 FF8GFO C4EG<F<C4F< *. 4>E<8 *4A:E<CG4 &B>4 *&% AG<G4F A4> 74?4@ >8E=4 F4@4 BC8E4F< G8EF85HG G8?4; 7<64G4G @8A::HA4>4A @8GB78 8>H<G4F 74?4@ C8A64G4G4A 4>HAG4AF< 74A C8?4CBE4A >8H4A:4A 7<@4A4 54:<4A C4EG<F<C4F< <AG8E8FG C474 >8E=4F4@4 BC8E4F< C474 4J4?AL4 7<5H>H>4A F858F4E 5<4L4 C8EB?8;4A 6BFG 74A F8?4A=HGAL4 7<F8FH4<>4A G8E;474C C8EH54;4A 74?4@ 54:<4A I8AGHE8E 4G4F C8A74C4G4A L4A: 7<C8EB?8; 74A 5854A5854A L4A: G8E=47< 74E< C8A:8A74?<4A58EF4@4BC8E4F<
#A 466BE74A68 J<G; *-% (B O <A4A6<4? ,8CBEG<A: B9 #AG8E8FGF <A $B<AG?L BAGEB??87 )C8E4G<BAF4A7FF8GFPC4EG<6<C4G<BAB9*.4>E<8 *4A:E<CG4 &B>4 *&% 4 -H5F<7<4EL <A G;8 =B<AG BC8E4G<BA;4F588A466BHAG87HF<A:8DH<GL@8G;B7 <A 466BHAG<A: 4A7 9<A4A6<4? E8CBEG<A: <A J;<6; G;8 C4EG<6<C4G<BA<AG8E8FG CBEG<BABAG;8=B<AGBC8E4G<BA J4F<A<G<4??LE86BE7874G6BFG4A747=HFG87J<G;G;8 6;4A:8F <A G;8 I8AGHE8ENF <A6B@8 E868<I87 4A7 8KC8AF8F G;4G B66HE 9EB@ G;8 =B<AG 6BAGEB??87 BC8E4G<BAF
-4?7B74AGE4AF4>F<G8E@4FH>>8HAGHA:4A>8EH:<4A L4A: 58?H@ 7<E84?<F4F< 4G4F GE4AF4>F< 4AG4E AG<G4F G8E>BAFB?<74F<7<8?<@<A4F<HAGH>@8A68E@<A>4ACBF<F< >8H4A:4A 74A ;4F<? HF4;4 !EHC F854:4< F4GH >8F4GH4AHF4;4
4?4A68 4A7 GE4AF46G<BAF <A6?H7<A: HAE84?<M87 :4<AF?BFF8F BA G;8 6BAFB?<74G87 <AG8E6B@C4AL GE4AF46G<BAF 4E8 8?<@<A4G87 GB E89?86G G;8 9<A4A6<4? CBF<G<BA4A7G;8E8FH?GB9BC8E4G<BAB9 !EBHC 4F4 F<A:?85HF<A8FF8AG<GL
C45<?4 7<C8E?H>4A ?4CBE4A >8H4A:4A AG<G4F A4> 7<F8FH4<>4A4:4EF8FH4<78A:4A>85<=4>4A4>HAG4AF< AG<G4F#A7H>